Irish pharmaceuticals group Uniphar has raised its target of €150m from the issue of new shares as it lists on the Dublin and London stock exchanges.

Uniphar floated at a price of €1.15 per ordinary share on the Euronext Growth index in Dublin and on London's AIM market.

Admission of the shares is expected to become effective on July 17.

The listing is the first this year for Euronext Dublin, formerly known as the Irish Stock Exchange, after a number of flotations were postponed following market turbulence towards the end of 2018.

Uniphar said it intends to use the proceeds from the placing to complete the acquisition of Durbin as well as bolt-on acquisition opportunities in the near future.

The proceeds will also go towards funding additional capital expenditure and working capital for growth of the enlarged group and to reduce group debt.

Maurice Pratt, the chairman of Uniphar, said today marks a major milestone in the 50-year history of Uniphar.

Mr Pratt said the IPO cements the company's transformation from a pharmaceutical wholesaler focused on the Irish market to an international healthcare services business focused on growth markets. 

"The level of interest generated from institutional investors in support of our IPO gives us great confidence as we embark on the next phase of Uniphar's growth as a public company," the chairman added.

"We have an ambitious strategy for expansion and growth in the coming years and we are now very well placed to progress to the next exciting development phase," the company's CEO Ger Rabbette added.

Founded in 1967, Uniphar is the current leader in the Irish pharmaceutical wholesale and distribution market, having built on a number two position achieved by acquiring Cahill May Roberts in 2013 for €50m.

Uniphar last year acquired 15 pharmacies trading under the Allcare brand, and the healthcare distribution business SISK Group.